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Created
Tue, 10/01/2023 - 01:00
As we head to a moment when "mint the coin" is actually the serious option, it's worth remembering how advocates were portrayed as children by very stupid people.
Another problem with the trillion-dollar coin is that the US mint probably doesn't have the capacity to create one out of real bullion, which will likely be required for something with such a historical importance. The US mint no longer produces platinum coins, except in collector's editions that retail for $1,892 at the moment. A real platinum coin – the American Eagle – that was produced as recently as 2009 contains 31.12 grams of platinum and has a face value of $100. There is not enough platinum in the US in a year's supply to create that. The US produces all of 3,700 kilograms of platinum a year.

The mint could, on the direction of Treasury, just make a platinum-finished coin that bears the face value of $1tn, but that would just create a nonsensical level of inflation in the value of the US dollar.
Wow imagine if the Treasury just stamped 1000 on pieces of fancy paper!
Created
Tue, 10/01/2023 - 01:00
America, beacon of anti-democracy It only took two years. A copycat coup was virtually inevitable (Associated Press): Supporters of former Brazilian President Jair Bolsonaro who refuse to accept his election defeat stormed Congress, the Supreme Court and presidential palace Sunday, a week after the inauguration of his leftist rival, President Luiz Inácio Lula da Silva. Thousands of demonstrators bypassed security barricades, climbed on roofs, smashed windows and invaded all three buildings, which were believed to be largely vacant on the weekend. Some of the demonstrators called for a military intervention to either restore the far-right Bolsonaro to power or oust Lula from the presidency. Regional leaders reacted angrily, one calling the insurrection a “cowardly and vile attack on democracy.” Where did Brazilian extremists get such ideas? The events in the Southern Hemisphere left a feeling in the pit of my stomach hauntingly familiar from two years ago on Jan. 6. Strongmen fanboys are a plague. What’s more unsettling is that the plague is spreading. And it’s not as if no one saw this coming in Brazil.
Created
Tue, 10/01/2023 - 00:43
Labour invites members to ‘Convention on beating independents and smaller parties’ Despite current polling and the associated bluff and bluster of the Labour right, the party regime appears to be worried that the rise of candidates from ‘independent and smaller parties’ threatens its electoral chances – enough to be organising special ‘convention’ events to try […]
Created
Tue, 10/01/2023 - 00:00

You there! Help me, please! I just wanted to learn about strength training on the internet, and now I’m pretty sure I’m in some kind of neo-fascist radicalization pipeline.

It started with an innocent New Year’s resolution to start doing some resistance training. After all, experts recommend it for everyone—it’s great for strength, longevity, mental health, sports performance, and self-esteem. But now, everywhere I look online is about two steps away from an Oath Keepers rally.

First, I just wanted to get a beginner strength routine. I found a podcast episode called “Why Everyone Should Lift Weights,” but about fifteen minutes in, it pivoted from whether you need a trainer to how strength training breeds self-reliance. I finally turned it off when they used the phrase “a bit overzealous” to describe Timothy McVeigh.

I still don’t know if barbells are better than machines.

Created
Mon, 09/01/2023 - 23:00
During the height of the COVID-19 pandemic, the Federal Reserve placed restrictions on large banks’ dividends and share repurchases. These restrictions were intended to enhance banks’ resiliency by bolstering their capital in light of the very uncertain economic environment and concerns that banks might face very large losses should bad-case scenarios come to pass. When it became clear that the outlook had improved and that the losses banks experienced were unlikely to threaten their stability, the Federal Reserve removed these restrictions. In this post, we look at what happened to large banks’ dividends and share repurchases during and after the pandemic-era restrictions, tracking these shareholder payouts relative to bank profits to understand how these payments impacted large banks’ capital during this period.